Northern Rock quote their minimum dividend to be 45p, but I do have instances where they have accepted less, I also have instances where they have rejected a higher offer. They can be turned, but they are very harsh on what is acceptable expenditure, particularly in the areas of housekeeping, mobile phones, clothing, Sky TV, health insurance, and anything which they feel is not essential.
Make sure that your IP buts the best offer forward for you - but importantly don't accept something that you know you are going to struggle with just to placate one unreasonable creditor.
Let us know how you get on in your particular case.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at http://www.melaniegiles.com
and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk